To the Shareholders of Banco Tai Fung S.A.R.L.
(incorporated in Macau with limited liability)

We have audited the accompanying balance sheet of Banco Tai Fung S.A.R.L. (“the Bank”) as of 31st December 2003, and the related profit and loss account and the cash flow statement for the year then ended. These accounts which are set out on pages 6 to 9 have been prepared in accordance with the accounting principles set out in Section 3 of Chapter 1 of the Macau Commercial Code and the accounting policies set out in note 3 to the accounts. These accounts are the responsibility of the Bank’s directors. Our responsibility is to express an opinion on these accounts based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall accounts presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the accounts give a true and fair view of the financial position of the Bank as of 31st December 2003, and of the results of its operations and its cash flows for the year then ended in accordance with the accounting principles set out in Section 3 of Chapter 1 of the Macau Commercial Code and the accounting policies set out in note 3 to the accounts.

Lowe Bingham & Matthews - PricewaterhouseCoopers
Sociedade de Auditores

Macau, 25th March 2004